A Plan For A Business Plan

1573 Words Oct 10th, 2016 7 Pages
A business plan is a written document that acts as a roadmap for a start-up business. It has details on the resources and strategies that the new venture will undertake in the initial years (Chwolka & Raith, 2012). The general belief is that for a company to be successful, it must begin by having a business plan. Published research papers have conflicting results on effects of a business plan for the success of start-up companies. On the one hand, some authors believe that a company that writes a business plan survives the initial five years. On the contrary, other authors believe that there is no link between business success and the original plan. Proponents of the business plan argue that it is a recipe for having a successful business (Chwolka& Raith, 2009). Although the advocacy of the importance of having a plan for the business is rife, critics doubt if it is an activity worth undertaking for creating a success new venture (Bygrave et al., 2007). The researchers who subscribe to this school of thought question the importance of wasting time in planning, yet the business environment is dynamic. This essay analyses the literature on the importance of the business plans in the success of start-up ventures.
Literature review
Debate persists in the literature of entrepreneurship on the importance of planning for the success of a venture. Delmar & Shane (2003) examined how business planning affects three features of the growth of a new business. The aspects are product…

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